The sub theme of today’s essay is – if a company that is in the business of taking and managing risks makes a whole lot of money in a year, say almost 20 billion dollars, and then it announces that it lost 2 billion dollars, give or take, on a bet it says was not well thought out, should the chattering class (Know – it – alls) use it as an example of greedy business men who need to be regulated?
Should we regulate anew every time a guy or gal or business take a risk and lose and someone comes along after the fact that never does anything but always has an opinion on what everyone else is doing? What should we do when Monday morning quarterbacks with a megaphone or a microphone or a well paid government job chime in with their after the fact analysis?
This mentality of after the fact wisdom coming from never do’s is now a substitute for being in the arena doing the deed. We now substitute after the fact analysis, opinion and political speech as a viable alternative for doing something. Tens of thousands make their living commenting on what people who do something do. After they've done it.
Think about it. A congressman, senator or bureaucrat, never a day in a real life job or a real life risk taking situation or actually putting their own money on the line; a union boss or a union member never once risking their money or taking a chance on their idea and gathering up investment funds from the family; the neighbors; the bank; you name it – are telling the ones in the arena how do something or how not to do something. And, when they tell you, it ends up becoming the law of the land and it costs the taxpayers a lot of their money. They don’t just chatter; they legislate or get the bureaucrats and the legislators they own to pass the laws and the rules.
The commentary about this two or three billion dollar loss by a bank that is government insured is now so distorted and disconnected from facts and figures as to be hysterical nonsense. This same government spends hundreds of billions each year with no accountability; wastes tens of billions each year on its security and war activities and "invests" billions in its green energy activities with no public disclosure. 10 years after September 11, 2001, America is 16 trillion dollars in debt; worshiping a warrior mentality that feeds the military/industrial complex while still leaving America and its “allies” vulnerable enough to whatever our ill defined enemies have in store for us as to require naked visionary screening at airports and drones flying over North Dakota to keep the homeland safe.
America was founded as a nation of laws; not Know – it – alls. Actually a fairly simple, straight forward law. Keep government limited – leave the states autonomous and, most importantly of all – put the citizens in charge; no Know – it – alls. It is now reversed and the government chattering class runs everything which means the people who are always right on Monday morning, rule. And the people who do things and make things including mistakes are always subject to a smarter person advising them after the fact and rewriting the rules of the game(s).
Win – win – win. Just listen to the smart guys/gals – you cannot get away from them. If they were doing it they would always win; always be right; never make a mistake. That is the definition of a politician, certain lawyers, all bureaucrats, Hollywood media types and most candidates for office. They are always right. Never do anything but they know best. How can you make a mistake if all you do is comment on what others do? After it’s done? Go here to read one of America’s all-time Know – it – alls yap about the bank mentioned above: http://www.nytimes.com/2012/05/14/opinion/krugman-why-we-regulate.html?_r=1&ref=global-home or, in the sake of gender equity, go here to read about his female persona: http://www.boston.com/Boston/politicalintelligence/2012/05/elizabeth-warren-seeks-ouster-top-jpmorgan-official/011TJhknlkRd2eZVbRSqtN/story.html
Could it be that the Know – it – all gang is not all that they promote themselves to be? Perhaps it is time to regulate them. Out of existence. But how could we do that? Actually wouldn’t take much at all, just:
· Term limits
· Balance the budget
· Annual professional audits – reporting, accountable and liable to the people only – no one else; of every dollar taken in or spent or committed to be spent by any government anywhere in the country. (By the way, private companies already do this.)
· Break up the Hollywood media gang (big source of the chatter)
America needs a new cabinet office – Department of Know – it – all. No pay; no benefits; no pensions; no office space; just titles. Every time a Know – it – all speaks they get assigned to the department as a confirmed Know – it – all. Second time they get promoted – Senior Know – it – all and, third time, final promotion: Ambassador of all Know – it – alls. TheFundamentals nominates Paul Krugman, number one ambassador of the Know – it – alls! Elizabeth Warren qualifies for Sr. Know – it – all; well on her way to ambassador status. These Know - it - alls love recognition.
You know, it's a funny thing. TheFundamentals can Monday morning quarterback with the best of 'em. Only one difference. We don't do it with other people's money - we risk our own. We accept any rewards that follow and we don't complain about losses that may occur. It's called life.